Friends, as we head into 2019, expect Ottawa’s real estate market to be a strong one, much better than other markets like Vancouver and Toronto. There are many factors why our region is so solid, here’s why:
“For the last decade, we have experienced steady growth in our real estate market from volume to prices; however, the past two years have jumped significantly in activity with a 12.6% increase in unit sales from 2016. Ottawa, and its surrounding area, has excellent employment numbers and has proven to be one of the most affordable larger cities in the country,” proclaims Ralph Shaw, Ottawa Real Estate Board’s 2018 President.
While sales have been steady, there is also an overall shortage of inventory in certain areas of the Ottawa region. Condo sales are up and that is likely due to the shortage of homes for sale and a very limited rental market.
According to the Ottawa Real Estate Board, the average sale price of a residential-class property sold in December in the Ottawa area was $453,011, an increase of 4.7% over December 2017. The average sale price for a condominium-class property was $278,295, an increase of 9% from this month last year. Year-end figures show an average sale price of $446,661 for residential-class properties in 2018, a 5.1% increase from 2017 and $278,316 for condominium properties, up 3.2% from last year.
The Ottawa Real Estate Board expects home prices to rise in 2019 due to the limited supply and increasing demand. As Ralph Shaw suggests: “Buyers do have affordable options in outlying communities if they are willing to commute — or they will simply have to pay more provided they can qualify. New builds and purpose-built rental housing could help ease some of the pressure, particularly if builders are able to provide a variety of quality options allowing for more movement in the market.”
As we prepare for what is expected to be a great spring market, let us at the Susan Chell Team help you prepare to sell your home or find the next place you call your own.
Call us today at 613-563-1717. No question is too small!